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Could anyone please help working out 2011/12 tax credits
Comments
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Little bump0
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harveymail wrote: »I may have got it wrong, there is something on the site about a £10k disregard, what is this pray tell? Complicated, complicated, complicated arrrrrrrrrrhhhhhhhhh
This only comes into effect if your joint income rises by £10,000 and over in a particular tax year and the award was based on the previous year.
Your joint income is £25,400 so if your income was to rise in the next tax year to £35,401 plus you would need to inform tax credits.
When you stated an adult and one child get high DLA, is this the care component or mobility or both?Forums can be/are a good guide to entitlement and it is good practice to back it up with clarification from the relevant department/specialist with written confirmation to safeguard yourself.0 -
This only comes into effect if your joint income rises by £10,000 and over in a particular tax year and the award was based on the previous year.
Your joint income is £25,400 so if your income was to rise in the next tax year to £35,401 plus you would need to inform tax credits.
When you stated an adult and one child get high DLA, is this the care component or mobility or both?
Thank you for your reply and clearing that up. I appreciate it.
Both adult & child get higher rate care component, not sure about mobility.0 -
harveymail wrote: »Think I may have worked it out, fingers crossed, here goes
Basic Element £1920
Couple & Lone Parent Element £1950
30 Hour Element £790
Disabled Worker Element £2650
Servere Disabled Working Element £1130
Child Tax Credit Family Element £545
Child Element £2555 (Child 1)
Child Element £2555 (Child 2)
Disabled Child Element £2800
Servere Disabled Child Element £ 1130
Total Tax Credits £18,025
Income
Adult 1 £19000
Adult 2 £6400
Total Income £25,400
Minus £6420 (First Income Threshold)
Total £18,980 x 41% (First Withdrawal Rate) (Per Cent) = £7781
£18,980 minus £7781
Grand Total = £11,199 (£215 approx per week)
PLEASE SOMEBODY POINT IT OUT IF I HAVE NOT DONE IT CORRECTLY
Looks right to me
Edit: erm no it doesn't see below0 -
Thank you very much, your help is very much appreciated. Though how you know all you do is beyond me (very complicated system to me) but you have been very helpful.0
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You've calculated the tax credits, but then done nothing else with the total - is that correct?0
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Arrh, yes I see you point, it should be
Think I may have worked it out, fingers crossed, here goes
Basic Element £1920
Couple & Lone Parent Element £1950
30 Hour Element £790
Disabled Worker Element £2650
Servere Disabled Working Element £1130
Child Tax Credit Family Element £545
Child Element £2555 (Child 1)
Child Element £2555 (Child 2)
Disabled Child Element £2800
Servere Disabled Child Element £ 1130
Total Tax Credits £18,025
Income
Adult 1 £19000
Adult 2 £6400
Total Income £25,400
Minus £6420 (First Income Threshold)
Total £18,980 x 41% (First Withdrawal Rate) (Per Cent) = £7781
Max Tax Credit £18,025 minus £7781
Grand Total = £10,244 (£197 approx per week)
I think this is where I made the mistake, could somebody please confirm.0 -
harveymail wrote: »Arrh, yes I see you point, it should be
Think I may have worked it out, fingers crossed, here goes
Basic Element £1920
Couple & Lone Parent Element £1950
30 Hour Element £790
Disabled Worker Element £2650
Servere Disabled Working Element £1130
Child Tax Credit Family Element £545
Child Element £2555 (Child 1)
Child Element £2555 (Child 2)
Disabled Child Element £2800
Servere Disabled Child Element £ 1130
Total Tax Credits £18,025
Income
Adult 1 £19000
Adult 2 £6400
Total Income £25,400
Minus £6420 (First Income Threshold)
Total £18,980 x 41% (First Withdrawal Rate) (Per Cent) = £7781
Max Tax Credit £18,025 minus £7781
Grand Total = £10,244 (£197 approx per week)
I think this is where I made the mistake, could somebody please confirm.
Oops apologies, didn't spot your previous mistake.This one looks right. You've got the idea anyway and hopefully the way you've laid the calculation out will make it easy for others to calculate their entitlement.
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The calculator for ctc and wtc is updated on entitled to today.0
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